A Thorndon property just up the street from the prime minister's official residence is on the market.

The two-storey building at 273 Tinakori Rd, which has a shop on the ground floor and two apartments upstairs, dates back more than a century.

The 97 square metre shop space, which opens on to a courtyard at the back, is leased to So You Hairdressing for $41,600 plus GST per year. It has four years remaining on its lease and one further four-year right of renewal.

The apartments - a fully furnished 45sqm one-bedroom unit overlooking the street, and a 69sqm two-bedroom unit at the back - have fixed-term leases returning $43,680 plus GST per year. Bayleys Wellington agent James Higgie said the family trust that had owned the property for about 14 years had turned it into a well-performing investment.

However, he believed the property was "under-rented" and expected investors or would- be owner-occupiers to be "all over" it.

Higgie said the front of the building typified early Thorndon architecture dating back to the early 1900s.

A concrete addition at the back was believed to have been built in the 1930s.

The property, which is in four unit titles with a combined 2012 rating valuation of $1.125 million, is being sold by tender closing on July 30.